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Estate Tax Rate Reduction Act

2/9/2022, 12:55 AM

Congressional Summary of HR 5652

Estate Tax Rate Reduction Act

This bill reduces the rate for the tax on estates, gifts, and generation-skipping transfers to 20%. (Under current law, the highest rate is 40%.)

The bill also exempts the budgetary effects of the tax reduction from the Pay-As-You-Go (PAYGO) rules established by the Statutory Pay-As-You-Go Act of 2010 and the FY2018 congressional budget resolution.

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Current Status of Bill HR 5652

Bill HR 5652 is currently in the status of Bill Introduced since January 17, 2020. Bill HR 5652 was introduced during Congress 116 and was introduced to the House on January 17, 2020.  Bill HR 5652's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 17, 2020

Bipartisan Support of Bill HR 5652

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5652

Primary Policy Focus

Taxation

Potential Impact Areas

- Transfer and inheritance taxes

Alternate Title(s) of Bill HR 5652

Estate Tax Rate Reduction Act
To amend the Internal Revenue Code of 1986 to reduce the rate of tax on estates, gifts, and generation-skipping transfers.
Estate Tax Rate Reduction Act

Comments

Sponsors and Cosponsors of HR 5652

Jodey C. Arrington
Jodey C. Arrington
TexasRepublican

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